Delhivery’s Q1 Profit Jumps 68.5% on Margin Gains

Integration of Ecom Express under a capped-cost plan reflects its shift toward margin-led growth through service diversification.

Overview

Delhivery’s net profit surged 68.5% year-on-year to Rs 91 crore in Q1 FY26, pushing margins to 3.8% from 2.4%.
EBITDA rose to Rs 149 crore at a 6.5% margin, and corporate overheads declined to 9.1% of revenue, down from 11.4% in FY23.
Core express parcel shipments grew 14% year-on-year to 208 million packages while partial truckload volumes climbed 15% to 458,000 metric tons with improved margins.
The company completed its Rs 1,407 crore acquisition of Ecom Express on July 18, capping integration costs at Rs 300 crore and planning to consolidate results from Q2 FY26.
After heavy buildout through FY22–FY25, it plans to normalize capex at about 4% of revenue by FY28 and is broadening its portfolio with on-demand delivery, transit insurance and a planned cross-border parcel service.